Gokongwei’s GoTyme to accelerate growth after backer wins major investment

GoTyme Bank Philippines, a venture with Gokongwei-led conglomerate JG Summit Holdings, is set to accelerate its growth and roll out advanced lending solutions following Nubank’s $150-million investment in its parent company, Tyme Group.

The oversubscribed $250-million Series D funding round pushed Tyme Group’s valuation to $1.5 billion, solidifying its unicorn status. Other key investors include M&G’s Catalyst Fund and existing shareholders like the Gokongwei Group and Tencent.

Lance Gokongwei 

​JG Summit president, CEO 

Impact on GoTyme Bank

“Nu’s investment in Tyme Group will benefit GoTyme Bank Philippines and TymeBank South Africa, bringing not only capital to support growth but also expertise in lending solutions and impact product creation,” GoTyme said in a statement.

This partnership with Nubank, the world’s leading digital bank with 110 million customers, brings proven expertise in scaling digital banking services across emerging markets.

Deal to propel GoTyme’s growth

“We are excited with the partnership with Nubank, a global digital banking leader, as we believe this collaboration will further propel GoTyme Bank in the Philippines as well as accelerate Tyme Group’s growth and expansion across multiple markets,” said Lance Gokongwei, president and CEO of JG Summit.

“We believe this partnership accelerates our path to becoming the largest and most loved retail bank in the Philippines,” GoTyme Bank CEO Nate Clarke said.